{"id":1004132943,"date":"2015-12-03T06:48:36","date_gmt":"2015-12-03T14:48:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004132943"},"modified":"2021-05-15T06:51:33","modified_gmt":"2021-05-15T14:51:33","slug":"cim-lands-big-law-firm-for-la-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cim-lands-big-law-firm-for-la-tower\/","title":{"rendered":"CIM Lands Big Law Firm for LA Tower"},"content":{"rendered":"<p>By Scott Baltic, Contributing Editor<\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/2CalPlaza.png\"><img decoding=\"async\" data-attachment-id=\"1004132941\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cim-lands-big-law-firm-for-la-tower\/2calplaza\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/2CalPlaza.png\" data-orig-size=\"800,709\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"2CalPlaza\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/2CalPlaza.png?w=800\" loading=\"lazy\" class=\"alignright size-medium wp-image-1004132941\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/2CalPlaza.png\" alt=\"2CalPlaza\" width=\"300\" height=\"266\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/2CalPlaza.png 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/2CalPlaza.png?resize=300,266 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/2CalPlaza.png?resize=768,681 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>Two California Plaza, a\/k\/a 2 Cal, a 52-story, 1.37-million-square-foot Class A office building in downtown Los Angeles\u2019 Bunker Hill area, will have a big new tenant, according to an announcement Tuesday by <a href=\"https:\/\/www.cimgroup.com\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">CIM Group<\/a>, the tower\u2019s owner. High-profile law firm Munger, Tolles &amp; Olson LLP has signed a long-term lease for about 150,500 square feet, specifically five full floors and a portion of a sixth.<\/p>\n<p>CIM declined to release financial information about the lease transaction.<\/p>\n<p>2 Cal is\u00a0 at 350 S. Grand Ave. and MTO is currently headquartered at 355 S. Grand, so the law firms\u2019 move, scheduled for early 2017, at least won\u2019t be a long one. All 375 of MTO\u2019s Los Angeles employees will be relocated.<\/p>\n<p>MTO was founded in Los Angeles more than 50 years ago and has a national practice serving major corporate clients. The 200-attorney firm reportedly specializes in litigating \u201cbet-the-company cases\u201d and has been consistently ranked on The American Lawyer\u2019s A-List.<\/p>\n<p>2 Cal, which is certified LEED Platinum, had been owned by MPG Office Trust, but they allowed the property to go into receivership in early 2012. CIM bought the building in February 2014 as <a href=\"https:\/\/www.commercialsearch.com\/news\/cim-group-acquires-7-asset-portfolio-from-cw-capital\/\">part of a seven-asset portfolio purchase<\/a> from a special servicer.<\/p>\n<p>CIM has been renovating and expanding the 2 Cal lobby to feature optical turnstiles, new lighting fixtures, Carrara marble flooring and new elevator cabs.<\/p>\n<p>2 Cal is part of a two-tower office complex that shares a retail and restaurant pavilion including a 1.5-acre water court and performance plaza.<\/p>\n<p>Spurred by a growing metro economy and more hiring, the downtown LA office market has seen \u201csizable asking rent increases,\u201d according to a second-quarter report from Marcus &amp; Millichap. The average Class A asking rent downtown rose 3 percent over the past year, though Class B\/C rents rose dramatically more, by 10.9 percent, the report stated.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Munger, Tolles &amp; Olson has signed a long-term lease for about 150,500 square feet of Two California Plaza.<\/p>\n","protected":false},"author":882,"featured_media":1004132941,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1594,21742,21747,15],"tags":[39453],"class_list":["post-1004132943","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-los-angeles","category-latest","category-office","category-west","tag-los-angeles"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CIM Lands Big Law Firm for LA Tower - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cim-lands-big-law-firm-for-la-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CIM Lands Big Law Firm for LA Tower\" \/>\n<meta property=\"og:description\" content=\"Munger, Tolles &amp; 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He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. 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